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ENERGY MARKETS REPORT INCLUDING: Total and Saudi Aramco agree in principle to expand the current 400,000BPD Satorp refineryJanuary 15 2013, 2:23pm
WTI futures are currently trading flat in the session after a rally helped pare overnight losses. This was after it was reported that Anglo American Platinum said it would indefinitely close four of its shafts in platinum belt. Platinum regained its premium over gold for the first time since last March which helped raise commodity prices across the board. Market participants will be looking forward to API inventories scheduled to be released at 1530CST/2130GMT.
Oil & Gas News
Gas exports from the US surged as sanctions undermined Iran. US sales jumped 27% last year as those from Iran fell 18%.
Norway has proposed a reduction in natural gas transport and treatment tariffs for new gas contracts according to its oil ministry.
Iran has announced its plans to construct a pipeline called 'Friendship' to supply gas to Iraq and Syria. The gas pipeline is expected to have enough capacity to supply gas from Iran to other neighbouring Muslim countries, including Jordan and Lebanon.
The IAEA aims to finalise framework agreement in this week's talks in Iran according to an official. Says hopes to be allowed to visit Parchin military (not nuclear) site in Iran.
Turkish war planes bombed PKK bases in North Iraq according to Hurriyet.
Flint Hills Resources LLC flared materials at its 325,000 BPD Corpus Christi refinery in Texas after a fire at the plant.
China-based Sino Arab Energy, along with a local company Osabo Refining and Petrochemical Industry, plans to construct a USD 7.5bln crude oil 107,000BPD refinery in Akabuyo, Nigeria.
Chevron’s 285,000 BPD El Segundo refinery has been shut down following fire reports at the facility. Equipment associated with the plant's fluid catalytic cracker, was damaged by fire.
Tesoro Corp.'s 170.000BPD Golden Eagle refinery in Northern California is expected to return to full rates within two or three days.
Total and Saudi Aramco agree in principle to expand the current 400,000BPD Satorp refinery.
BP Plc's 266,000 BPD Carson oil refinery has shut the hydrocracker and a jet hydotreaterfor repairs. The refinery supplies 25% of gasoline demand in Los Angeles.
Much colder temperatures bring the threat of freezing rain and sleet from northeast Texas to central Tennessee through to tomorrow morning. A few snow showers and flurries fly across southeast New Mexico. High temperatures are expected from the Northwest coast to southern New Mexico and in the High Plains east of the Rockies. In California to southern Arizona, warmer highs in the 50s and 60s are forecasted.